And who cut a better deal for taxpayers: Broward or Dade commissioners and their respective financial consultants?

In the case of the governments, it's a tough call. Dade gets a huge cash infusion from Arison, while Broward has an opportunity to share millions in profits during the next 30 years.

But in the case of the owners, Arison's people say Huizenga got a better deal.

"Oh, there's no doubt in my mind. Huizenga definitely got the better deal," said Carnival Corp. finance director Howard Frank, who helped run the numbers for Arison and the Heat.

The reasoning is simple. Arison is putting $41.3 million of his club's money in the deal up front plus $837,000 a year for 33 years to pay the arena debt.

Huizenga, by comparison, will pay anywhere from $2.8 million to $3.3 million a year out of the arena revenues for 30 years - essentially using the fans' money as it is being generated, not his own.

Huizenga's people say the deals aren't comparable. But they disagree with Arison's view.

"When you look at the dollars - our money over 30 years or theirs up front - it's a wash," said Alex Muxo of Huizenga Holdings. "The difference is that their money is going into the project. And they're going to get all the profits. We're sharing with the county; they aren't. We're the true partners."

The Dade deal also provides Arison with strong cross-marketing opportunities.

By 1998 or 1999, Arison's basketball team will be playing in a 21,500-seat, bayfront arena. Next door - and well within range of panoramic television shots - Arison's Carnival Cruise ships will dock at a new maritime park and passenger terminal the port is building.

The Heat will retain all profits from 300,000 square feet of new stores and restaurants surrounding the arena.

The Panthers will profit from development rights in Sunrise, but the proceeds could be shared with the county. Huizenga also plans to buy 150 adjacent acres; any development profits on this land will remain private.

From the taxpayer perspective, it's a tougher task distinguishing who cut a better deal.

The Dade deal was harder to cobble together. Mayoral politics and $38 million in existing debt on the now-obsolete Miami Arena made it impossible to raise new taxes.

In the end, this financial pinch worked to Dade taxpayers' advantage. They will borrow less because of Arison's contribution.

"We know where our money is coming from and we'll have it in the bank," said Dade Assistant County Manager David Morris.

But Broward could reap millions of dollars in new revenues down the road, Finance Director Phil Allen said.

If projections hold up, the county could make $115 million during the next 30 years, a present-day value of $38 million - money the county could use for anything; unlike the bed tax, it's not restricted.

The pressure is on Huizenga's organization to keep the building booked and profitable. To make sure the county gets its cut, it will will be incumbent on future officials to keep tabs on the Panthers' books, as the deal permits.

Now the next phase of the Huizenga vs. Arison duel begins.

The clubs will be rushing to get the arenas completed on time and under budget.

At the same time, they will be vying to sell luxury suites and club seats to the same deep-pocketed customers for games played at the same time of year.

The Broward arena financing estimates sale of these prime spots at $15.6 million the first season. In Dade, it's just over $13 million for club seats, suites and "Jack Nicholson" front-row floor seats.

Is there a deep enough base of corporate support and wealthy individuals to make both buildings solvent?

The clubs, the governments and the consultants say yes. Only time will tell.